Oil producing countries, including Nigeria, should not be tempted to delay reforms in their countries because of the present high oil prices, the International Monetary Fund (IMF) has advised.

This counsel came hours after Eric LeCompete, who serves on United Nations experts groups that focus on economic issues, raised the alarm over Nigeria’s and other developing nations’ unsustainable debts, saying it “is a recipe for financial crisis.”

The Counsellor and Director of the Research Department, IMF, Maurice Obstfeld, spoke on the need for reforms yesterday at a media briefing on the Fund’s World Economic Outlook (WEO), at the ongoing annual meetings of the IMF/World Bank, in Bali, Indonesia.

He said: “Fuel exporters should guard against the temptation to let higher oil prices delay reforms. Despite their recent recovery, oil prices are projected to remain below the 2013 peak. Boosting non-oil revenues and continuing fiscal consolidation plans remain key goals for oil exporters.”

Source: New Telegraph